They do so fairly frequently.
A generous patron of the site would pledge to match donated funds up to some threshold.
Today, such a fundraiser was announced, but the catch was this: it was a 'flash match' and would end at midnight or after one million dollars.
Time for action on my part!
Then came decision time.
To whom should I donate my doubled $25 this time?
There were so many loans which were up for funding...
in so many different countries, for so many different reasons...
to so many different people.
I was only making the one loan, using funds which had been repaid to me.
Where would my money - and the match - be of the most help?
I chose the field of 'education' for my tenth loan today.
It will be the fourth such loan I have made on this site.
The first was to Elaine Marie, in the Philippines. She was the eldest of three, the first in her family to want higher education to better her life and theirs. That story resonated with me.
The second loan went to a young man, Maycol Francisco, in Nicaragua. He had nearly completed his degree as an anesthesia technician. He was in his final semester and needed funds for those final classes. Honestly, his story fit right in with those of the health professionals I was teaching.
The third loan, made at that same time, went to a young woman in Nicaragua, Yaleska Gabriela. Like Maycol, she was in her final year of studies for her degree in Public Accounting and Finance. That degree reminded me of my stepdad, so of course I helped her attain her goal.
Today, I chose Hussein of Lebanon. He was not asking for money for his own education. His three children would not have the tuition for school, as he was on a fixed salary and his wife could not work. He "wishes his children a successful future" and recognized that education was a requirement to turn those wishes into reality. Bravo!
Feeling inspired?
Want to join me as a Nerdfighter, to help defeat world suck?
There's still time to help Hussein and his children...
and to help Kiva reach that next billion dollars of dreams funded.
Thanks!
4 comments:
13 September 2018
Faustina, thanks to you and almost 20,000 Kiva lenders, yesterday's Flash Match event was a huge success! In fact, this community rallied to make $1.9 million in loans possible in just one day!
You should be proud of the impact you’re making on behalf of people working to achieve their dreams. Together, we're creating opportunity and lifting up the most financially excluded communities around the world.
Thank you for making a difference on Kiva, we’re so grateful that you’re a part of this special community.
Best wishes,
The Kiva team
Gabriela Yaleska has now fully repair her loan!
Brava for her!
Four years later, Hussein has repaid 90% of the loan he took from Kiva for his children's education.
Hey, good for him for having a dream of a better future for his kids.
Let's hope he's able to finish up this last 10% to have a clean credit slate again!
Maycol Francisco repaid all of his school loan, and in good time, too - he did it in less than two years.
Bravo for the anesthesiologist!
And Elaine Marie?
She's all paid up, too.
Very good!
Today, Kiva sent me the following concerning the loan made to Hussein:
"We're writing to let you know that your Kiva loan to Hussein, facilitated by Al Majmoua, has ended in default, for the following reason:
Lebanon has been in the midst of an unprecedented economic and political crisis for over three years now. With no end in sight to the current situation, Kiva has decided to forgive the outstanding $2,001,388 owed to Kiva lenders by Al Majmoua. The crisis in Lebanon, which began in 2019, has been catastrophic on numerous levels. Following the collapse of the Lebanese government and exacerbated by the Covid-19 pandemic, Lebanon plunged into economic turmoil. The massive explosion that rocked Beirut’s port in August of 2020 devastated the country further, killing and injuring thousands and leading to billions of dollars in damage. A currency crisis has been one of many consequences of these events, as the Lebanese Pound (LBP), which had been pegged to the US Dollar for 25 years, began to lose value against the dollar. This hit both Al Majmoua and their borrowers greatly, impacting the institution's ability to operate and their borrower’s ability to repay their loans. This is not a decision we took lightly and have remained in close contact with Al Majmoua over the last three-plus years. As a non-profit microfinance institution, Al Majmoua is doing all they can just to continue operating. It is clear to us that the ongoing challenges they face are through no fault of their own and this reality is what led us to this decision. While we never want to reach a situation where lender funds are lost, in this situation we firmly believe this is the right path forward during this crisis and in line with Kiva’s mission. Please know that your loans still helped make a difference in the lives of those in Lebanon, which is especially impactful during these difficult times. To learn more about the situation in Lebanon and our decision, please read our blog post on the topic: https://www.kiva.org/blog/kiva-forgives-loans-in-lebanon-due-to-severe-financial-crisis-across-the-country.
With Kiva loans it's common to work to accommodate repayment when loans fall behind schedule. However, sometimes despite efforts to be flexible, loans do end in default. Kiva loans are defaulted at the point in time where it’s deemed that future repayment is unlikely, or when the loan is more than 360 days past due.
To date, $21.71 has been repaid to you, and the remainder of your loan can be considered a loss.
Thank you for your support of this loan, and other borrowers on Kiva.
Best wishes,
The Kiva Team"
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